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Steve Dutton, NC

Real estate investing in Cold Spring Hills, NY

7 Result(s) for Real estate investing in Cold Spring Hills, NY. The most recent discussion taking place in the area asks: People With Extra Rooms/Houses/Vacation Homes Available to Rent. There are 174 new off-market investment properties in Cold Spring Hills, NY. The most recent is a Commercial property listed at $949,000. There are 1,712 real estate investors in Cold spring hills, New York. Many of these real estate investors specialize in Wholesale & Rehab Residential.

Discussion

I'm looking to connect with anyone (realtors/owners/investors) who have extra rooms in furnished apartments and furnished houses available for rent. I'm open to realtors who have existing listings that may want to want to rent out their property for cash flow when they wait for their house to be sold.... More I also work with people who are renting out their property/rooms on Airbnb, VRBO, Craigslist and other platforms. Less
Posted 10/10/17

I'm a Real Estate Investor looking for properties in Nassau Suffolk ,Brooklyn Queens,NY .I'm also a Real Agent for Better Homes and Garden and I have some High-end off Market Commercial properties with a cap of 4.3 ,5 and up to 8% in Astoria,Wall street and on 2 ave NY,NY and Hotels in NY and CT
Posted 02/04/17 -
Updated 8 months ago

With the economy still on shaky ground and #lenders requiring that your deal fit neatly into their guideline box, the ability to raise #private money# has never been more important. You frequently hear people discussing this topic but you might be wondering – where do I begin?

Having raised roughly... More 10 million dollars over the last 5 years I’ve gotten very familiar with the process but I am by no means an attorney. When raising #private money# please be sure to seek out a qualified real estate attorney that specializes in securities. There are SEC regulations that you need to be aware of and you will need an experienced attorney to help you navigate theses waters.

That being said, I wanted to offer a few tips to get you started the right way.

Start building out your network of #investors
Start with whom you know. One of the exercises we do at our 3-day #training events, The Multifamily #investor Weekend, is to have people go through their cell phones and make a list of their potential #investors They then assign each contact a dollar figure as to what they feel the contact might be willing to invest.

Create and nurture that list
Let these people know that you are seriously interested in Multifamily Real Estate and not just dabbling as a hobby. You’ll want to establish yourself as a knowledgeable professional by sending them information on why Multifamily Real Estate is the best play in real Estate today. If you have done your due diligence on your prospective market, speak about why that market has your attention. Set up a schedule to email your contacts, whether it’s bi-weekly or monthly, and stick to it. Be consistent! Make sure that you follow up and respond to any questions or comments. You want to build on these relationships.

You need to market yourself
You never know who might be a possible #investor Let everyone know that you’re actively pursuing multifamily real estate. Your doctor, dentist, someone’s Aunt or Uncle all may be possible #investors

Things To Avoid

DON’T wait to have a deal to get started
Don’t make the mistake of waiting to talk to #investors until you have a deal. You should be nurturing your list long before you find one that fits your criteria. When you find something that you want to move that’s not the time to first inform people that you’re interested in finding #investors for purchasing an apartment #complex They should already know what you’re up to. Avoid discussing specific properties as you don’t want to put yourself is a box. Allow yourself room to be nimble.

Don’t solicit or advertise
Having a pre existing relationship with prospective #investors is required by the SEC. What does this mean? Essentially you cannot go out and advertise your offering to try and find new #investors To keep it simple, do not advertise! This is something that you’ll want to discuss with your securities attorney and thoroughly understand before starting out.

Don’t talk about possible returns
Every investment involves risk. Even if you feel that your offering is the single best investment that has ever existed you never want to guarantee performance. This could get you into big trouble

Private money can be an incredible resource to help you grow your business. Just be sure that you treat your #investor’s money like it’s your own and always keep the lines of communication open. Come from a place of service, not selling – set yourself free from the ‘salesman’ mindset. Less
Posted 07/31/13 -
Updated Aug 19, 2014

Over the last 5 years I have raised over 10 million dollars in #private money# for property acquisitions. I’ve #learned quite a bit about the process and we cover this in great detail at my 3-day multifamily #training event, The Multifamily #investor Weekend, as this is a huge resource in our own... More multifamily acquisition business.

If there’s one tool that I would recommend to anyone that’s interested in utilizing #investor dollars it would have to be the SDIRA or self directed IRA.

By mastering this investment vehicle we were able to unlock a new world of #investor capital. It has helped our business grow exponentially and for anyone looking to make this a full time business it’s an absolute must.

Belinda Savage of IRA Services Trust is a nationally recognized expert in the field of Trust Custodial Banking and IRA investing. With over 30 years of experience in the securities business, regulatory governance, compliance and best practices, she is an amazing resource and I have #learned an incredible amount from her. I recently sat down with Belinda to give you an overview of what an SDIRA is and how you can leverage your old IRA to get active investing in apartments.

An IRA in the financial services world, meaning the traditional asset world, is basically held by a broker/dealer, a #bank, or an insurance company. While the traditional Wall Street firms advertise “Self #Direction” they limit the clients choice primarily to mutual funds, stocks and bonds, essentially their menu of investment vehicles. Real Estate would be considered an alternative asset and does not fall into their menu so it would be necessary to utilize a SDIRA for this purpose.

What is the difference between an administrator and a custodian?

Great question, and one that many people get confused with. An administrator is more like a sales group that sells you the SDIRA product; they do not hold the money. An SDIRA custodian has fiduciary care of the account, meaning that they are FDIC insured up to $250,000. A custodian will also have a #bank charter that includes a yearly audit from the state. Dealing directly with a custodian can result in lower fees, as you are now dealing directly with the money holder.

How would I use my SDIRA for Real Estate?

It’s a very simple process. Most Americans are holding a 401K, 403b, 457 etc. Those monies can be transferred, with no tax penalty or cost to the #investor, bringing it under the umbrella to a trust custodian all the while maintaining their tax-deferred status.

You then use your SDIRA monies to invest in an #LLC, that holds the investment property. The proceeds of the investment are then paid back to the SDIRA all tax exempt.

Can I use my 401K to start my self directed IRA?

Yes. You roll it over from the current plan administrator into a self-directed platform. In the case of a 403b, a plan usually reserved for teachers and state employees, or a 457 for municipal workers: fireman and policemen, you do need to retire prior to rolling your retirement account into an SDIRA.

However, once you are 59 ½, you can take a portion of your 401K, called an in-service distribution, and roll a portion over to an SDIRA.

Why haven’t I heard of this type of IRA?

This type of IRA has been allowed for 37 years but many #investors are never told that this type of alternative investment vehicle exists: primarily because your financial advisor doesn’t make a commission with that advice!

I’ve heard the term “check#book control”. What does that mean?

A function of an IRA asset #LLC, or an IRA asset trust you are allowed to set up a #LLC,#funding it with your SDIRA. Once the #LLC or trust, you’re setting it up with the focus of conducting business. Your personal funds or friend and family monies and can within the #LLC as well. These monies can comingle. You simply open a #bank account in the name of the #LLC or trust that the owner controls.

What kind of fees does a SDIRA typically have? What about transaction fees?

The set-up fee for the account itself is $60 – $80. There is a yearly fee and this may be based on the dollar amount contained in the SDIRA, or it may just be a flat fee. If it’s a sliding scale, these fees can vary as much as a couple of hundred dollars to thousands of dollars. Some trust custodians charge $100 or $200 per transaction.

Keep in mind some custodians have a substantial fee to leave their services to use another provider. These fees can range from $500 – $1,000 – so make sure when you sign on that you are aware of these fees.

Is there anything that I CAN’T invest in using my SDIRA?

You are not allowed to purchase a life insurance policy – due to taxes. You are also not allowed to invest in a collectible – wine, jewelry, antiques etc. Those are the only two exceptions.

What kind of return do I get if I just leave my SDIRA funded and don’t invest it?

Because your account is held with a custodian, and is FDIC insured, it acts as a savings account. Your interest rate would be about ¼ – ½ %. This vehicle is really used for outside #investments, and not to have your money sit in the account.

A Self-#Directed IRA is a great way to put your IRA or 401 K to work for you. Its not only an ideal way for you to start investing in multifamily real estate, its a great way to start the discussion with prospective #investors if you’re looking to raise #private money# for your apartment #deals

If you’re interested in #learning more about this topic, and there is plenty more, we cover this topic in great detail at my 3-day Multifamily #investor Weekend coming up in October. Click here for the details. We hope to see you there!Less
Posted 09/26/13

In this day of e-mail, it’s easy to have your VA (Virtual Assistant) send out form e-mails to prospective commercial brokers. While I’m a big believer in #automation and systems, the broker who receives your impersonal e-mail is probably not going to have you at the top of their list when that... More deal crosses their desk.

As you know, your level of success in Real Estate Investing is the equals the quality of the relationships you cultivate. Brokers are an amazing resource, and truly a necessary part of your Real Estate Investment team. This is why you must PICK UP THE PHONE. This is the only way to create the personal connection you’re looking for. Very often we are not looking at investment properties on Long Island, but outside the Tri-State area so making this personal connection is crucial.

We are huge proponents for giving before you receive. (If you have something of value that you can offer the broker, great!) Make sure that the calls you make to the broker do not waste their time. Do your market research and have a clear picture of what you’re looking for. Do your due diligence and know what the demographics of the sub-markets are.

Make sure that the broker knows that if he finds the deal, you are prepared to move. #Commercial Real Estate brokers do not close hundreds of #deals a year, and if you want them to really keep you in mind, be serious.

You will be surprised at the wealth of knowledge they possess, not just about the market; but about Property Managers, local contractors and the subtleties of the neighborhoods. A broker is the best way to get insight into how to start putting your team together.

Things that will send you to the “bottom of the list” – serious DON’TS

DON’T ask him to look at everything under the sun – you should be clear on your plan, he knows that if someone is calling on a 40 unit deal in a C market, he shouldn’t also have the 100+ unit in an A market building on the brain.

DON’T waste their time. If you make a trip, have an itinerary and a schedule. Also pick up the tab for lunch. You’d be surprised how this makes a difference, that personal effort.

DO follow up. Send a handwritten thank you for their time – these are the things that will create a solid foundation for a mutually beneficial relationship and lead to great things for both of you!Less
Posted 11/08/13